Retalix shareholders fail to tender minimum number of shares in Ronex offer

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Ronex Holdings LP said 34,082 ordinary shares, or approximately 0.2%, of the outstanding shares of Retalix Ltd. were tendered in its offer that ended on Tuesday.

The offer was conditioned upon a minimum of 5.0% of the outstanding Retalix shares being validly tendered and not withdrawn, Ronex said.

As a result, Ronex said it will not accept any of the tendered shares.

In January, Retalix controlling shareholder Ronex began a cash tender offer to purchase up to 2,038,977, or approximately 10%, of the company's ordinary shares for $6 each.

Ronex said it had entered into an agreement with Retalix founders Barry Shaked and Brian Cooper that gives Ronex beneficial shared power to vote over 5,038,331, or roughly 24.7%, of Retalix's outstanding shares, according to a prior news release.

If the tender offer had been fully subscribed, Ronex would have owned approximately 26% of Retalix's outstanding shares, or 34.7% of Retalix's outstanding shares under the shareholder agreement.

Retalix provides integrated enterprise-wide software solutions. The company is based in Ra'anana, Israel.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.